Friday, October 21, 2011

Disability benefits program on unsustainable financial path

McClatchy reports:
The leading safety-net program for America's disabled workers is in a financial death spiral in the aftermath of the Great Recession.

The sour economy, weak eligibility standards and a wave of aging baby boomers are driving an explosive increase in the number of injured workers who get disability benefits through the Social Security Disability Insurance program.

At the current growth rate, the SSDI trust fund, which pays for benefits, won't have enough money to meet its obligations in 2018.

In September, SSDI paid nearly 8.5 million injured workers an average of $1,070 per month. That's up nearly 20 percent from 7.1 million when the recession began
Further proof the welfare state isn't financially viable.